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USD Off Tuesday Highs, But Tight Ranges Prevail Ahead Of Data/FOMC Mins

FOREX

The USD has drifted lower as the session has progressed, but the USD index is only fractionally below Tuesday closing levels. The BBDXY last tracked near 1221, off by 0.05%.

  • We saw some early strength in the index as US Tsy futures saw a modest dip in early trade but there was no follow through. Highs for the BBDXY came in 1222.12.
  • USD/JPY sits near 141.90 in recent trade, unable to break above Tuesday highs in early trade (near 142.20). Current levels are little changed for the session.
  • AUD/USD has drifted a little higher, last near 0.6770, but this is only marginally firmer for the session. NZD/USD has fared slightly better, up 0.25%, to 0.6265/70, finding some support around the 0.6250 region.
  • Other cross asset moves have been modest. Regional equities are lower, led by the tech space, following US moves in Tuesday trade. US equity futures sit down a touch.
  • Looking ahead, Spanish and German unemployment data will cross on later, along with Swiss manufacturing PMI. A busy data docket in the US will be highlighted by ISM Manufacturing figures and November JOLTS data. The minutes of the Federal Reserve’s December meeting will also be released.
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